Aj_watt | E+ | Getty Images A recent Social Security report showed a strong economy has helped the program. Still, Social Security’s trust funds may be depleted in the next decade, if no changes happen sooner. Many Americans have a misplaced worry that benefits will disappear. “The biggest myth about Social Security is that when … Read more
10’000 Hours | Digitalvision | Getty Images What are annuities? Annuities are issued by insurance companies. Consumers generally hand over a lump sum of money in exchange for an income stream for life, similar to a pension or Social Security. Financial planners sometimes recommend them to guard against the risk of outliving one’s savings — … Read more
Lump sum distribution may be ‘a mistake’ “Virtually everybody who wins the lottery picks the lump sum distribution,” said Andrew Stoltmann, a Chicago-based lawyer who has represented several lottery winners. “And I think that’s a mistake.” In many cases, the annuity is a better option because “the typical lottery winner doesn’t have the infrastructure in … Read more